Hiring a property manager eases the stress of owning rental property. While you are the one attaining assets and buying investments, property managers are the people maintaining them. While it can feel awkward trusting someone else to take care of your property, property managers have four main responsibilities that give you more time to attend to your other duties.
The first main responsibility of property managers is rent. This includes setting the rent price, collecting it, and adjusting it in the future. To determine what the rent price should be, property managers consider two main elements, the competing market, and the location. Location can add value to a property and make it worth more. In the Idaho Falls area, for example, owning property close to one of the many colleges can increase its profits. The market surrounding the property you own also determines what the rent price will be. If your property has two bedrooms and one bathroom, the property manager will look at similar properties in the area to determine what price will be comparable and competitive.
Property managers set the date for rent collection and enforce penalties for late payments. Rent collection is what ensures cash flow for both you and the manager, so they are highly motivated to collect the payments. In the future, if the market becomes more competitive, property managers will also be responsible for raising or lowering the rental price.
To collect rent, you need tenants. Filling properties can sometimes be the most difficult part of owning a rental, but a property manager alleviates that burden by marketing the property for you. To fill the space, they will advertise, enhance curb appeal, and make sure it is immaculate for tours. Property managers often use online real estate sites to attract attention and make appointments for visits. Other advertising efforts may include flyering, posting ads in newspapers, or a simple sign in the front yard. When a tour appointment is scheduled, they will inspect the property to make sure it is clean and well-manicured so guests feel at home right away.
Marketing helps find tenants, but there are still more responsibilities associated with them. For example, before a property is officially rented out, the property manager will screen the applicants for credit checks, proof of employment, and criminal records. Screening tenants helps you find the best people for your property and reduces tenant turnover.
Property managers also deal with the hassle of move-outs and evictions. When renters move out, the manager will examine the apartment for damages and calculate how much of the security deposit will be needed for repairs and what can be returned. If a tenant violates a lease agreement or fails to pay the rent, the property manager must file an eviction notice. Because property managers are trained in landlord and tenant laws, they understand the best ways to file evictions and see them through.
Overall, property managers are there to help you operate and oversee your property. They will handle the lease information, financial records, and budget for you, while also helping the tenants. If there is an emergency, complaint, or repair the tenants will go through the manager. The property manager will either handle the problems themselves or make sure an appropriate service is hired to handle the problem. Managers are there for both you and the renter.
Ease Your Stress
Owning and tending to a property is stressful enough, but having renters adds even more work. Hiring a property manager will make the entire process easier for you while you still reap the investment benefits. If you are feeling overwhelmed by your property, consider hiring a property manager or discussing your options with us at Rooftop Real Estate Management.